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Biotech / Medical : Biogen -- Ignore unavailable to you. Want to Upgrade?

To: Walkingshadow who wrote (1096)	7/27/1999 9:11:00 PM
From: William Partmann	Read Replies (1) \| Respond to of 1686

RESEARCH ALERT - Biogen forecasts, target raised MIAMI, July 27 (Reuters)- Raymond James & Associates said on Tuesday it had raised its profit forecasts and share-price target for Biogen Inc. (Nasdaq:BGEN - news) because of positive sales trends for the biotechnology company's Avonex multiple sclerosis treatment. -- Raymond James said in a research note it was raising its fiscal 1999 estimate three cents to $1.34 and its fiscal 2000 forecasts 10 cents to $1.59. It also said it was adding $7 to its share-price target for Biogen, now at $84. -- Analyst Mary Ann Gray said she was raising her forecast for Avonex revenues from $574 million to $592 million for fiscal 1999 and $675 million to $725 million in fiscal 2000. -- ''At the end of (the second quarter, 1999), approximately 70,000 patients were on Avonex therapy worldwide, and Biogen forecasts that 100,000 patients on Avonex is achievable within the next few years, representing a billion dollar market,'' Gray said. --Biogen shares closed up 1-3/4 at 69-11/16 in U.S. trading.